Many technology businesses thrived during the pandemic as work-from-home took hold of the world. Zoom meetings abound, service businesses across the US turned to tech to allow business to continue. Some industries were not so lucky, as those required to continue face-to-face appointments struggled to meet the ‘new normal.’ Property management software and platform Hemlane has secured $9 million in funding in its Series A to apply a remote-work mentality to the property management space.
Co-led by Asymmetric Capital Partners and Prudence, with participation from Aglaé Ventures and State Farm Ventures, the San Francisco headquartered company offers an online platform where landlords can manage their properties remotely. Its interface allows easier access to tenant data like leases, documents, and fees. PR Newswire reports that “the round took place at a material increase from the prior investment's valuation.”
"The challenge with traditional property management is that landlords were forced to choose between either full service or do-it-yourself; both are inherently flawed…Through technology, we offer an alternative that preserves the advantages of full service at a previously unavailable price point,” said Dana Dunford, Co-Founder and CEO of Hemlane.
Hemlane has a tiered system that provides the basic services as well as communication with local agents and rental listing websites. With an upgraded package, Hemlane also has a team on standby that helps with maintenance requests. Full utilization of the software allows for fully remote property management.
“In other words, you can sit in New York, you could have property in Florida and you can manage it behind your computer,” said Dunford in her interview with Commercial Observer.
The company was founded in 2015 and has now amassed more than 14,000 rentals on their platform. They are the property management partner for California Association of Realtors and Georgia Association of Realtors, and recently signed Florida Association of Realtors. Additionally, they have expanded much from their San Francisco headquarters, operating rental properties in all fifty states. Their skyrocketing growth has led them to partnering with nationwide brokerages such as Keller Williams and RE/MAX, where they can use their networks of local, licensed real estate agents.
"Hemlane is defining and leading a new category in remote property management, enabling the full suite of features landlords crave at a price point unmatched by other full-service solutions across the industry," said Sam Clayman, Partner at Asymmetric. "Their platform approach, core product quality, and efficiency of customer acquisition and retention create true differentiation in a crowded market.”
Last year, tech consultancy and research company Gartner rated Hemlane number one in property management companies. With the company processing $200 million in annual payments—in addition to the $9 million—they are looking to work with more partners and expand services.
"We continue to differentiate ourselves, not only through superior customer experience and cutting-edge technology, but through offering maintenance coordination and connections to local licensed support. We fill the gap where traditional SaaS does not," says Dunford.